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The South Florida home to see the biggest price cut today is a three-bedroom, three-and-a-half-bathroom condo in the Oceanside at Fisher Island at 7755 Fisher Island Drive, according to data from Condo Vultures Realty. The $3.9 million Miami-Dade County home saw a $1 million, or 20 percent, price cut. It was originally listed for $6.9 million when it hit the market in April 2007. The price was last cut to $4.9 million in April 2009. The 4,590-square-foot, oceanfront home has terrace and wine cellar. Jill Eber of Coldwell Banker has the listing.
(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
South Florida's hotels are seeing increased occupancy, but there are a number of unwelcome guests still making their way into the region's hotels. Bedbugs are on the rise in several South Florida counties, according to a recent report. They have been reported at a number of hotels in the area, according to the Bed Bug Registry, a free, nationwide public database of bedbug reports from consumers. Nine hotels in Miami have seen bedbugs reported, including the Wyndham Miami Airport and the Sandals Resorts at 4950 SW 72nd Avenue, according to the Bed Bug Registry. Miami Beach, specifically, has fared the worst in the city, with 19 different hotels reporting bedbugs, including the recently sold Royal Palm Hotel, the Setai and the Clevelander Hotel on Ocean Drive. "We've definitely been seeing a big spike in the Miami Beach area," said Eugene Echevarria, a manager with Pest Doctor in Miami Beach. "Tourism is the main reason, with people moving around. I've also seen a number of employees at hotels that have been getting them where they work, along with people who stay in hotels."
Fewer and fewer undocumented immigrants are calling Florida home, according to a new study by the Pew Hispanic Center, which says the state has had the greatest decrease in illegal immigration in the nation over the past few years. In 2008, there were more than 1 million undocumented immigrants -- those who either overstayed their visas or crossed the border illegally -- in Florida. By last year, that number had dropped to 675,000. Only a small percentage of Florida's illegal immigrants won the legal right to live here during that period. Nationwide, the population of illegal immigrants dropped from 12 million in 2007 to 11.1 million in 2009. [Sun Sentinel]
While the home foreclosure crisis has had a heavy influence on the nation's economic recovery, industry experts have now turned their attention to how it might affect the political arena, according to the New York Times. Because voters must register a home address in order to vote, analysts are concerned that the growing number of people whose home situations are in limbo may result in a subsequent decline at the polls. Robert Brandon, president of the Fair Elections Legal Network, pointed out that the foreclosure crisis could ultimately disenfranchise many voters, while distracting those who could vote from getting out on election day. "Unfortunately, voting is probably not the number one thing that's on their mind right now," Brandon said. [NYT]
Where are U.S. homebuyers most interested in purchasing properties today? A new real estate survey, commissioned jointly by CNBC and Trulia.com, aims to answer that question by measuring the number of Trulia user clicks on properties in major metropolitan areas. In August, Fort Lauderdale, Fla. saw the largest bump in traffic on the site, up 65 percent year-over-year. Meanwhile, suburbs surrounding Washington, D.C., like Bethesda and Silver Spring, Md., saw traffic drop by around one-third during the month. Check out the video above for more on the brand new survey and what it means for the future of the country’s housing market.
Construction spending fell nationwide for the third month in a row in July 2010, this time to its lowest level in 10 years, according to a report released today by the U.S. Department of Commerce. July's $805 billion annual spending rate was 1 percent below June's $813.1 billion rate and 10.7 percent below the $901.2 billion level recorded in July 2009. The private residential construction sector, which has been battered by gloomy reports since the expiration of the federal homebuyer tax credit in June, saw a 2.6 percent decline in spending -- to an annual rate of $240.3 billion -- since June but a 5.5 percent increase over July 2009. Meanwhile, spending in the hotel sector, in which construction has come to a near-standstill, declined by another 1.7 percent month-over-month to $11.6 billion annually, which also represents a more than 53 percent year-over-year drop. And public construction projects aren't rushing to the construction industry's rescue: spending on public projects dropped to $298.8 billion yearly in July, down 1.2 percent from June and 7.9 percent from last year. As of the end of July, the 2010 tally of construction spending of any kind was $460 billion. By July 2009, U.S. builders had spent $522 billion for the year on construction projects. TRD
Colliers International has opened a new Palm Beach location and launched a brokerage team, the firm announced today. The new location is at 224 Datura Street, Suite 515 in downtown West Palm Beach. The office will have a team focused on Palm Beach, Martin and St. Lucie counties, led by senior vice president Kevin McCarthy. Before joining Colliers, McCarthy served as managing director of Worth Realty. Also joining the company is Nicholas Brusca as a commercial associate. TRD
The Royal Palm at Southpointe office complex in Plantation has been sold for $100.4 million to buyer Duke Realty, according to Broward County Records. The sale works out to around $216 per square foot for the 465,492-square-foot mid-rise office park, which opened its first building in 2001. Ed Mitchell, senior VP of Duke Realty's South Florida operations, said the complex was one of the nicest properties in west Broward, and fit into the company's strategy of having top Class-A properties. The two-building Royal Palm is 90 percent leased and includes Ameriprise Financial and Equitrac as tenants. [SFBJ]
The Neighborhood Assistance Corporation of America, which just wrapped up a five-day mortgage modification expo in West Palm Beach, announced that it would be opening a permanent office in Miami. This visit was the group's third in South Florida, with previous events at the Palm Beach County Convention Center in February and in Miami Beach in April. CEO Bruce Marks said a permanent office in Miami could be open within the next two months. The main focus of the office will be offering low-interest loans to prospective home buyers -- the original reason the group was created in 1988, but it will also have someone on hand to help with loan modifications. [Miami Herald]
Instanet Solutions, a provider of Internet-based transaction management solutions, says it is signing long-term agreements with multiple listings services and local Realtor associations in Florida. The company's contract with Florida Realtors, the statewide realtor association, expires at the end of the year, and Florida Realtors is transitioning to its own forms application. For five years, Florida Realtors and Instanet have had an agreement to provide the company's TransactionDesk to all 145,000 of the association's members as part of their monthly dues. [Inman]
The South Florida home to see the biggest price cut today is a two-bedroom, two-bathroom house at 507 Palm Drive in Hallandale Beach, according to data from Condo Vultures Realty. The $2.4 million Broward County home saw a $550,000, or 19 percent, price cut. It was originally listed for $2.95 million when it hit the market Aug. 18. The 5,638-square-foot, waterfront home sits on a 15,000-square-foot lot in gated Golden Isles and has a pool, dock and open floor plan with vaulted ceilings. Revital Rikman of Rickenback Realty has the listing.
(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
While home prices were up nationwide in the second quarter of the year, economist Mark Zandi of Moody's Economy.com said we're not quite through with the housing crash. We've got another 5 percent or so to go on house prices," he said in the in the CBS Money Watch video above. Yale economist Robert Shiller noted that instead of focusing on the housing market, the country should be more concerned with creating jobs. "If we create jobs, I think that the mood of the country will change," he said.
The U.S. Department of Housing and Urban Development unveiled a program today aimed at helping communities badly hit by the foreclosure crisis avoid sweeping vulture investors. The "National First Look Program" will offer select state and local governments a right of first refusal on foreclosed homes, before they're made available to private buyers. The benefit of this, said HUD Secretary Shaun Donovan, is that it may help communities preserve buildings and put them to use based on the area's specific needs. "Local communities will now get an exclusive option to buy foreclosed properties in targeted neighborhoods so they can turn the homes into affordable housing or, in some cases, tear them down," Donovan said. This "will help rebuild neighborhoods that have been struggling with blight and declining home values due to foreclosures." TRD
7755 Fisher Island Drive
507 Palm Drive
